There are actually 106,510,884 NOT owned by TA so that (my estimate was 50 million)
So that changes the math back to a 50/50 cash/shares exchange
If TA uses the max 46,441,799 max TA shares they get 44,927,715 RWN shares,
There is then $800 to cover the remaining 61,583,169 RWN shares or $12.99 per share.
That means 57.82% of your RWN shares will become TA shares and 42.18% will be exchanged for $13.00.
With TA xhares at the current $11.74 the payout will be about $12.50 per share
which is where RWN shares are currently trading
https://stockhouse.com/companies/bullboard/t.ta/transalta-ord-shs?postid=35670517